Greece launches renovation subsidy program to activate vacant homes

Greece is set to introduce the "Anakainizo" renovation program, designed to activate vacant homes in urban centers and boost the housing market. The initiative aims to increase the supply of available housing within months by bringing neglected properties back into circulation for rent or sale.

The program, expected to launch in June, will focus on renovating old houses that are currently closed or require extensive repairs. By facilitating these renovations, the government hopes to improve housing accessibility. The "Anakainizo" program will prioritize properties that are not currently in use, ensuring that the investment directly addresses the issue of vacant housing stock.

Eligibility will extend to owners of older homes up to 120 square meters, with broader income criteria than previous schemes to encourage wider participation. The subsidy is substantial, estimated to cover 90% to 95% of renovation expenses, with a maximum funding limit of 36,000 euros per home. This amount can increase by 5,000 euros for each child in the household, and the upper subsidy limit is calculated at 300 euros per square meter.

Specific details regarding participation requirements, income thresholds, and necessary documentation will be detailed in the official program announcement. The government's objective is to stimulate the real estate market and improve living conditions by making more homes available.